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Canadian Dollar Rises Ahead Of Canada Jobs Data

July 10, 2014

CANBERA (Alliance News) - The Canadian dollar strengthened against the other major currencies in the Asian session on Friday as traders await Canada's jobs data for June, due later in the day.

Economists expect the unemployment rate to remain unchanged at 7.0% in June. The economy may have added 20,000 jobs, compared to an addition of 25,800 jobs in May

The Canadian dollar rose to 4-day highs of 1.4465 against the euro and 1.0636 against the US dollar, from early lows of 1.4496 and 1.0652, respectively. If the loonie extends its rise, it is likely to find resistance around 1.43 against the euro and 1.05 against the greenback.

Against the Australian dollar, the Canadian dollar advanced to 0.9984 from an early low of 1.0006. The loonie may test resistance near the 0.98 area.

The Australian Bureau of Statistics reported that the number home loans in Australia remained unchanged in May. The total number of home loans for owner occupied housing came in at a seasonally adjusted 52,092 in May, remaining roughly unchanged month-over-month.

Having fallen to 95.03 against the yen in early deals, the loonie edged up to 95.25. Continuation of the bullish trend may lead the loonie to a resistance around the 95.91 mark.

Looking ahead, final German CPI inflation report for June is due to be released at 2:00 am ET.

In the New York session, US monthly budget statement for June is set to be released.

Philadelphia Federal Reserve Bank President Charles Plosser, Federal Reserve Bank of Atlanta President Dennis Lockhart and Federal Reserve Bank of Chicago President Charles Evans are all scheduled to participate in a panel at Rocky Mountain Economic Summit in Jackson Hole, Wyoming.

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Source: Alliance News

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